Freestyle MortgagesStandardlife.co.uk Bank's Freestyle Mortgage is a flexible mortgage that has special features that allow it to adapt as your needs change. Freestyle's features include the facility to take payment holidays, make overpayments, or offset against your savings.
With Freestyle you can choose how you would like to pay - if you're at a stage in your life when you'd rather know exactly how much you'll be paying on your mortgage, then a Freestyle Fixed Rate Mortgage could be the option for you. Alternatively, if you want to pay a reduced amount for the first few months you may want to choose one of the discounted variable rates available. You can even choose to have part of your mortgage on a fixed rate and part on a discounted variable rate.
In addition, you have the choice whether to have an interest only mortgage, repayment mortgage or a combination of both. There is no Mortgage Indemnity Guarantee Premium and interest is calculated daily.
Cash ReservesOne of the features the Freestyle Mortgage offers is a Cash Reserve facility. This offers you a great way to borrow additional funds at mortgage rates. The Cash Reserve is the difference between the amount Standardlife.co.uk Bank were willing to lend you when you applied for your Standardlife.co.uk Bank mortgage and the amount you actually borrowed.
The Cash Reserve can be used to finance anything from a luxury holiday or car, to building an extension to your home or even paying for private education or university fees for your children. What's more, your Cash Reserve could also be used to consolidate existing debts so you could have one monthly payment, and one low rate.
OffsettingWhen savings are offset against the Freestyle variable rate mortgage, you can reduce the amount you pay in interest. This means you can either lower your monthly payments or reduce your mortgage term. You can pay any cash sum you want into an offset reserve linked to variable rate Standardlife.co.uk Bank mortgages either regularly or in lump sums. Though no interest is paid on this money, Standardlife.co.uk Bank don't charge any interest on the equivalent amount of money in your mortgage. So, effectively you will earn the same interest on this money as you're being charged on your mortgage.
Credit reassessmentIf your circumstances change, you may be able to increase your borrowing with Freestyle. Perhaps the value of your property has increased one year on since your last Standardlife.co.uk Bank Valuation, or you have carried out structural improvements to your home. Perhaps your salary is greater than when you first applied for your Standardlife.co.uk Bank mortgage - in these cases, you can go through the application process for a credit reassessment.
Regular bonusStandardlife.co.uk Bank's Capital Reward Mortgage enables you to receive regular bonuses. A bonus is paid every two years that will reduce the outstanding capital balance of your mortgage. Because the bonus reduces the capital you have borrowed, your interest payments go down too - and you'll have a smaller mortgage to clear at the end of your term.
Buy to letWhether you are an existing landlord looking for a better deal on your mortgage, or just starting in property investment, the Buy to Let Mortgage is designed to be both flexible and competitive so you can maximise your returns.
This Standardlife.co.uk Bank mortgage is the simple way to buy property at affordable rates, where your rental income could cover the monthly outlay.
Additional information can be found on the Standardlife.co.uk Mortgages website.
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Standard Life Mortgages
